JPM jumped in after-hours trading on Feb. 11 following the news and hasn't looked back, gaining more than 10% in the past three trading days.

The question is whether Dimon's bold move was enough to turn the tide in the sector or even just in JPM.

The short answer is no.

As we can see on the chart, it's been all downhill for JPMorgan this year, starting with a breakaway gap to the downside on the first trading day of the year. This is a powerful event that signals a stock rapidly changing its condition from uncertain to undeniably bearish.